iPhone 5: Two Million Pre-Orders in First 24 Hours

Guess what: a lot of people want to get their hands on the iPhone 5 - like twice as many as last year. Whereas the iPhone 4S shattered records with its 1 million first-day pre-orders, the iPhone 5 shattered that record. 2 million pre-orders in its first 24 hours.

As usual, pre-order demand has hit the ceiling of Apple's supply. So whereas Apple multiplied its first day of pre-orders to 4 million in launch-weekend sales, it's possible there just won't be 8 million iPhone 5s on hand if demand follows the same trend this week.

"This is going to be the best-selling consumer electronics device of all time, bar none," said Carl Howe, an analyst at Boston-based Yankee Group.

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This is going to be the best-selling consumer electronics device of all time, bar none

Either way, the strong consumer response to the iPhone 5 (which a big section of tech-press thought was boring and underwhelming) has put Apple's share price above $700 for the first time.

Missed your chance to pre-order? You can still buy an iPhone 5 in-store from Apple, Verizon, AT&T, Sprint, Best Buy, Radioshack, Target and Walmart this Friday. Just be sure to get in line early, and don't forget to check out IGN's buyer's guide.

Will you be showing off your iPhone 5 this weekend? Waiting anxiously for your current contract to end? Shunning Apple forever? Let us know in the comments.

Jon Fox is a Seattle hipster who loves polar bears and climbing trees. You can follow him on Twitter and IGN.